When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard. Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences. At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000 ...

业务进展情况 生命科学解决方案板块2025年利润同比增长7.6%，成为核心增长引擎，而分析仪器板块利润同比下滑 11.2%。 来源：经济观察网 经济观察网 赛默飞世尔（TMO）未来值得关注的事件。 公司业绩目标 管理层在2025年财报中发布2026年全年指引，预计收入同比增长3.9%至5.9%，调整后每股收益（EPS） 增长5.9%至8.4%，并重申长期有机收入增长目标为3%-6%。这一指引将作为评估公司年度表现的关键 基准。 战略推进 2025年公司完成对Solventum过滤与分离业务的收购，并收购赛诺菲新泽西州无菌灌装设施；2025年第 四季度宣布拟以89亿美元收购临床数据服务商Clario，该交易旨在加强生物生产与药品本土化能力。市 场将关注这些并购的协同效应及后续整合效果。 公司持续推出新技术产品（如Orbitrap Astral质谱仪），并与Open AI、陈・扎克伯格研究所等达成合 作，推动人工智能在运营中的应用。 行业状况 招银国际报告指出，2025年制药与生物技术客户需求呈现反弹（第四季度收入高单位数增长），且生物 技术融资恢复可能在未来6-12个月转化为订单增量。该趋势可能成为收入增长的潜 ...

经济观察网 赛默飞世尔发布2025年第四季度及全年财报，第四季度营收同比增长7.2%，调整后每股收 益增长7.7%，均超市场预期。但公司对2026年利润指引保守，警告美国学术研究经费削减的压力可能 持续影响业绩。 业绩经营情况 招银国际在2026年2月2日研报中指出，公司预计2026年收入同比增长3.9%至5.9%，调整后每股收益增 长5.9%至8.4%，并重申长期有机增长目标为3%-6%。 公司业务状况 公司宣布将逐步关闭位于马萨诸塞州富兰克林的工厂，并裁员103人，计划于2026年底前完成，以优化 全球运营效率。此外，2026年1月15日公司关停北卡罗来纳州阿什维尔工厂，裁员421人，聚焦高毛利业 务，部分产品线转移至其他基地。 业务与技术发展 管理层在2026年财年业绩会议中强调，将推出如Astral Zoom质谱仪等新产品，并利用PPI业务系统推动 成本控制，目标每年利润率扩张50-70个基点。公司计划完成Clario收购整合，并推进人工智能在运营中 的应用。 以上内容基于公开资料整理，不构成投资建议。 2025年公司完成对Solventum过滤业务、赛诺菲无菌灌装基地的收购，并宣布以89亿美元收购C ...

经济观察网赛默飞世尔在2026年2月初发布2026年利润指引时，明确表示年度利润可能低于华尔街预 期。这一保守态度主要基于以下客观因素： 行业政策与环境 公司状况 公司近期宣布关闭位于马萨诸塞州富兰克林和北卡罗来纳州阿什维尔的工厂，计划于2026年底前完成。 这些调整旨在优化全球运营效率，将资源向高利润业务集中，但短期可能带来重组成本并影响市场信 心。 机构观点 部分机构如招银国际仍维持"买入"评级，认为长期生物制药需求与战略并购将支撑竞争力，但短期指引 疲软是主要关注点。 以上内容基于公开资料整理，不构成投资建议。 公司指出，美国政府对学术研究机构的预算削减政策将持续至2026年，导致下游科研客户和生物技术公 司在设备采购上趋于谨慎。特朗普政府削减科研拨款的措施直接影响赛默飞的核心客户群体，进而抑制 短期需求。美国贸易政策和中美供应链成本上升加剧了竞争压力，而公司部分低利润率业务面临本土中 低端市场的激烈竞争。管理层在财报中强调，这些外部挑战需要更谨慎的业绩展望。 经营状况 尽管制药客户需求在2025年第四季度显著反弹，但美国政府及学术客户因预算限制导致的高端仪器设备 需求低迷。分析仪器业务在2025年利润 ...

Core Insights - Lindsell Train Ltd reported an equity portfolio valued at approximately $4.1–4.2 billion, maintaining a focus on a limited number of dominant consumer, media, and financial franchises [1][10] - The portfolio is highly concentrated, with the top 10 holdings accounting for over 90% of total assets, reflecting a belief in long-term brand power and cash generation [2][10] Portfolio Overview - Total Portfolio Value: ~$4.1–4.2 billion [2] - Top 10 Holdings: - TKO Group Holdings: ~$597 million (14.6%) - Alphabet (Class A): ~$543 million (13.3%) - Walt Disney: ~$427 million (10.5%) - Intuit: ~$418 million (10.3%) - Thermo Fisher Scientific: ~$397 million (9.7%) - Fair Isaac: ~$334 million (8.2%) - Mondelez International: ~$314 million (7.7%) - PepsiCo: ~$309 million (7.6%) - PayPal: ~$301 million (7.4%) - eBay: ~$223 million (5.5%) [2] Changes in Holdings - Notable Add: Alphabet (Class A) saw an increase of ~206,000 shares (+10.1% QoQ), reinforcing its role as a core long-term investment [3] - Major Trims: - TKO Group Holdings reduced by ~219,000 shares (-6.9% QoQ) - Walt Disney trimmed by ~361,000 shares (-8.8% QoQ) - Intuit reduced by ~54,000 shares (-8.1% QoQ) - Mondelez International trimmed by ~681,000 shares (-11.9% QoQ) - PepsiCo reduced by ~226,000 shares (-9.3% QoQ) - eBay reduced by ~830,000 shares (-25.3% QoQ) [8] Investment Strategy - The portfolio reflects a quality growth style focused on brand and intellectual property-led businesses, with a very long-term holding period and low turnover [9][10] - The strategy emphasizes disciplined capital allocation and patient ownership of high-return businesses, with modest rebalancing to enhance long-term compounding [11]

从2026年1月13日至2月11日，TMO股价累计下跌14.29%，其中2月11日单日下跌2.28%，收盘报527.49 美元。同期美股大盘指数波动较小，显示公司特定因素主导了股价异动。 公司宣布将逐步关闭位于马萨诸塞州富兰克林的工厂，并裁员103人，计划于2026年底前完成。这是继 关闭北卡罗来纳州阿什维尔工厂后的又一收缩举措。管理层表示这些调整是为了优化全球运营效率，但 市场担忧其面临成本压力与需求疲软的双重挑战。 行业政策与环境 报告指出，赛默飞的制药客户需求在2025年第四季度显著反弹，但美国政府及学术客户因预算限制导致 设备需求低迷。此外，美国特朗普政府削减科研拨款的政策可能持续影响公司部分核心客户，加剧了投 资者对短期增长动能的担忧。 股票近期走势 经济观察网赛默飞世尔(TMO)股价近期出现异动，主要与公司财报、运营调整及行业环境等多重因素相 关。 业绩经营情况 公司公布2025年第四季度及全年财报，第四季度营收同比增长7.2%，调整后每股收益(EPS)同比增长 7.7%，均超市场预期。但公司同时发布2026年利润指引，称年度利润可能低于华尔街预期，并警告美 国学术研究经费削减的压力将持续至202 ...

Core Insights - Thermo Fisher Scientific Inc. (TMO) has a market capitalization of $202.8 billion and provides a range of life sciences solutions and services [1] - Over the past 52 weeks, TMO shares have declined by 2.4%, underperforming the S&P 500 Index, which gained 14.4% [1] - Year-to-date, TMO stock is down 6.8%, while the S&P 500 has risen by 1.4% [1] Performance Comparison - TMO has also underperformed the State Street Health Care Select Sector SPDR ETF (XLV), which increased by 6.2% over the past 52 weeks [2] - On January 29, TMO shares fell by 2.6% despite reporting better-than-expected Q4 results, with revenue of $12.2 billion and adjusted EPS of $6.57, both exceeding analyst estimates [4] - The company's revenue grew by 7.2% year-over-year, while adjusted EPS increased by 7.7% [4] Financial Outlook - Analysts project TMO's EPS to grow by 7.8% year-over-year to $24.65 for fiscal 2026 [5] - TMO has a strong earnings surprise history, exceeding consensus estimates in the last four quarters [5] - Among 23 analysts covering TMO, the consensus rating is a "Strong Buy," with 18 "Strong Buy," 2 "Moderate Buy," and 3 "Hold" ratings [5] Analyst Ratings and Price Targets - The configuration of analyst ratings has become more bullish, with 16 analysts suggesting a "Strong Buy" rating [7] - JPMorgan Chase & Co. maintained a "Buy" rating on TMO with a price target of $710, indicating a potential upside of 31.5% [7] - The mean price target is $662.95, representing a 22.8% premium, while the highest price target of $750 suggests a potential upside of 38.9% [7]

Core Insights - Thermo Fisher Scientific announced a strategic data collaboration with Datavant to enhance the connection between real-world data and clinical research for pharmaceutical and biotech companies [1] - The collaboration aims to facilitate the generation of stronger evidence more quickly by enabling secure connection and analysis of real-world data (RWD) [1] Company Overview - Thermo Fisher Scientific is recognized as the world leader in serving science, particularly in the clinical research sector [1] - The PPD™ clinical research business of Thermo Fisher will play a crucial role in this collaboration with Datavant [1] Industry Impact - The partnership is expected to streamline the process for pharmaceutical and biotech companies, making it easier to leverage real-world data in their clinical research efforts [1] - This initiative reflects a growing trend in the healthcare industry towards integrating real-world evidence into clinical research methodologies [1]

Core Insights - Baron Health Care Fund reported a 13.10% increase in the fourth quarter, outperforming the Russell 3000 Health Care Index's 11.92% and the Russell 3000 Index's 2.40% [1] - For the full year, the Fund returned 10.28%, while the benchmarks gained 14.56% and 17.15% respectively [1] - The Fund focuses on investing in businesses with sustainable competitive advantages and strong management, particularly in the healthcare sector, which is expected to show positive momentum through 2026 [1] Company Specifics - Thermo Fisher Scientific Inc. (NYSE:TMO) was highlighted as a key stock in the Fund's fourth-quarter letter, with a one-month return of -12.36% and a 52-week loss of 5.09% [2] - As of February 5, 2026, Thermo Fisher's stock closed at $542.36, with a market capitalization of $203.769 billion [2] - The Fund has increased its position in Thermo Fisher, citing improving end markets for life sciences tools and stable biopharmaceutical R&D investment [3] - Management of Thermo Fisher anticipates organic revenue growth of 3% to 6% for 2026 and 2027, with potential for mid-to-high single-digit adjusted operating income growth [3] - Long-term growth drivers in the life sciences tools industry are expected to enable Thermo Fisher to achieve over 7% organic revenue growth beyond 2027 [3]

Market Overview - The proteomics market was valued at USD 29.92 billion in 2025 and is projected to grow to USD 58.66 billion by 2031, with a CAGR of 11.87% from 2026 to 2031, driven by precision medicine, chronic diseases, and demand for advanced analytical tools [1] - The role of proteomic analysis is expanding in drug discovery, biomarker identification, and disease pathway analysis, enhancing target validation and supporting targeted therapies [2] Regional Analysis - North America leads the proteomics market due to strong investment in biomedical research, advanced laboratory infrastructure, and the presence of major pharmaceutical and biotechnology companies [3] - Europe holds a significant market share, supported by active research programs and a focus on personalized medicine [4] - Asia-Pacific is emerging as a high-growth region, driven by expanding research capabilities and increasing government funding for life sciences [4] Market Trends - There is a growing adoption of proteomics in drug discovery to identify disease biomarkers and improve understanding of therapeutic targets [5] - The integration of proteomics with genomics is enhancing its role in precision medicine, enabling personalized approaches to disease diagnosis and treatment [6] Industry Segmentation - The proteomics market is segmented by components, technologies, and applications, including drug discovery and development [7] - Key technologies include mass spectrometry, chromatography, and next-generation sequencing [8] Competitive Landscape - The proteomics industry consists of established life science technology providers and specialized proteomics solution companies, focusing on expanding analytical capabilities and forming strategic collaborations [9]